Our client sells goods using a Regulated Agreement under the Consumer Credit Act, and in some cases were seeing significant arrears in repayments, later into the agreement. Where over a third of the value of the asset has been paid, a Return of Goods Order must be issued through the Court to regain possession of the asset, leading to additional costs of up to £700 per case.
It was clear to us that a different solution was needed, both to reduce costs to our clients, and to promote improved customer experience by minimising the need for asset repossessions. We considered the opportunities for reconnection with the customer before accessing a legal process, and designed a service to provide field visits.
Our field visit service connects with customers who are in arrears to help them to understand the agreement they have with the client, the potential consequences for ongoing non-payment, and their options to resolve the case. Customers receive a no-stakes home visit to discuss their circumstances and identify barriers to repayment.
Taking a customer-centred approach supports the Consumer Understanding and Customer Support outcomes of the FCA’s Consumer Duty, ensuring customers receive timely information and post-sales support. We have seen significantly improved customer outcomes, reducing the number of Return of Goods Orders being issued and returning more customers to compliance with their agreement. Additionally, this approach maintains a positive impression of the end client, protecting their brand and reputation.
Since introducing this solution, we have seen an increased interest in face-to-face services, and now also provide a field visit solution for business debts. This has also proven to be a major success by increasing the number of settlements we achieve prior to more expensive options being considered.
